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Entrepreneurship

Entrepreneurship is the act of being an entrepreneur, which can be defined as "one who
undertakes innovations, finance and business acumen in an effort to transform innovations into
economic goods". This may result in new organizations or may be part of revitalizing mature
organizations in response to a perceived opportunity. The most obvious form of entrepreneurship
is that of starting new businesses (referred as Startup Company); however, in recent years, the
term has been extended to include social and political forms of entrepreneurial activity. When
entrepreneurship is describing activities within a firm or large organization it is referred to as
intra-preneurship and may include corporate venturing, when large entities spin-off
organizations.[1]
According to Paul Reynolds, entrepreneurship scholar and creator of the Global
Entrepreneurship Monitor, "by the time they reach their retirement years, half of all working men
in the United States probably have a period of self-employment of one or more years; one in four
may have engaged in self-employment for six or more years. Participating in a new business
creation is a common activity among U.S. workers over the course of their careers." [2] And in
recent years has been documented by scholars such as David Audretsch to be a major driver of
economic growth in both the United States and Western Europe.

Entrepreneurial activities are substantially different depending on the type of organization


and creativity involved. Entrepreneurship ranges in scale from solo projects (even involving the
entrepreneur only part-time) to major undertakings creating many job opportunities. Many "high
value" entrepreneurial ventures seek venture capital or angel funding (seed money) in order to
raise capital to build the business. Angel investors generally seek annualized returns of 20-30%
and more, as well as extensive involvement in the business.[3] Many kinds of organizations now
exist to support would-be entrepreneurs, including specialized government agencies, business
incubators, science parks, and some NGOs. In more recent times, the term entrepreneurship has
been extended to include elements not related necessarily to business formation activity such as
conceptualizations of entrepreneurship as a specific mindset (see also entrepreneurial mindset)
resulting in entrepreneurial initiatives e.g. in the form of social entrepreneurship, political
entrepreneurship, or knowledge entrepreneurship have emerged.
The entrepreneur is a factor in microeconomics, and the study of entrepreneurship
reaches back to the work of Richard Cantillon and Adam Smith in the late 17th and early 18th
centuries, but was largely ignored theoretically until the late 19th and early 20th centuries and
empirically until a profound resurgence in business and economics in the last 40 years. Donald
Trump is one such example.
In the 20th century, the understanding of entrepreneurship owes much to the work of
economist Joseph Schumpeter in the 1930s and other Austrian economists such as Carl Menger,
Ludwig von Mises and Friedrich von Hayek. In Schumpeter, an entrepreneur is a person who is
willing and able to convert a new idea or invention into a successful innovation.[4]
Entrepreneurship employs what Schumpeter called "the gale of creative destruction" to replace in
whole or in part inferior innovations across markets and industries, simultaneously creating new
products including new business models. In this way, creative destruction is largely responsible
for the dynamism of industries and long-run economic growth. The supposition that
entrepreneurship leads to economic growth is an interpretation of the residual in endogenous
growth theory and as such is hotly debated in academic economics. An alternate description
posited by Israel Kirzner suggests that the majority of innovations may be much more
incremental improvements such as the replacement of paper with plastic in the construction of a
drinking straw.
For Schumpeter, entrepreneurship resulted in new industries but also in new
combinations of currently existing inputs. Schumpeter's initial example of this was the
combination of a steam engine and then current wagon making technologies to produce the
horseless carriage. In this case the innovation, the car, was transformational but did not require
the development of a new technology, merely the application of existing technologies in a novel
manner. It did not immediately replace the horsedrawn carriage, but in time, incremental
improvements which reduced the cost and improved the technology led to the complete practical
replacement of beast drawn vehicles in modern transportation. Despite Schumpeter's early 20th-
century contributions, traditional microeconomic theory did not formally consider the
entrepreneur in its theoretical frameworks (instead assuming that resources would find each other
through a price system). In this treatment the entrepreneur was an implied but unspecified actor,
but it is consistent with the concept of the entrepreneur being the agent of x-efficiency.
Different scholars have described entrepreneurs as, among other things, bearing risk. For
Schumpeter, the entrepreneur did not bear risk: the capitalist did.

Some notable persons and their works in entrepreneurship history.


For Frank H. Knight [5] (1921) and Peter Drucker (1970) entrepreneurship is about taking
risk. The behavior of the entrepreneur reflects a kind of person willing to put his or her career
and financial security on the line and take risks in the name of an idea, spending much time as
well as capital on an uncertain venture. Knight classified three types of uncertainty.
• Risk, which is measurable statistically (such as the probability of drawing a red color ball
from a jar containing 5 red balls and 5 white balls).
• Ambiguity, which is hard to measure statistically (such as the probability of drawing a
red ball from a jar containing 5 red balls but with an unknown number of white balls).
• True Uncertainty or Knightian Uncertainty, which is impossible to estimate or predict
statistically (such as the probability of drawing a red ball from a jar whose number of red
balls is unknown as well as the number of other colored balls).
The acts of entrepreneurship are often associated with true uncertainty, particularly when it
involves bringing something really novel to the world, whose market never exists. However,
even if a market already exists, there is no guarantee that a market exists for a particular new
player in the cola category.
The place of the disharmony-creating and idiosyncratic entrepreneur in traditional
economic theory (which describes many efficiency-based ratios assuming uniform outputs)
presents theoretic quandaries. William Baumol has added greatly to this area of economic theory
and was recently honored for it at the 2006 annual meeting of the American Economic
Association.[6]
The entrepreneur is widely regarded as an integral player in the business culture of
American life, and particularly as an engine for job creation and economic growth. Robert Sobel
published The Entrepreneurs: Explorations Within the American Business Tradition in 1974.
Zoltan Acs and David Audretsch have produced an edited volume surveying Entrepreneurship as
an academic field of research,[7] and more than a hundred scholars around the world track
entrepreneurial activity, policy and social influences as part of the Global Entrepreneurship
Monitor (GEM)[8] and its associated reports.
Though Entrepreneurs are thought to have many of the same character traits as leaders,
[clarification needed]
, involve particular psychological dispositions, or operate in purely business spheres
of life, recent European theorising on the subject has suggested that, come the era of neo-
liberalism and 'big society' politics that promote conceptualising humans as economic agents per
se, normal, everyday people usually marginalised from the term 'entrepreneur' are too involved in
the very same kind of processes that 'big business', proper entrepreneurs are involved with.
Entrepreneurs, and entrepreneurship, as such, might be enacted by anybody, encountering as they
do economic uncertainty on an everyday basis.
Promotion of entrepreneurship
Given entrepreneurship's potential to support economic growth, it is the policy goal of
many governments to develop a culture of entrepreneurial thinking. This can be done in a
number of ways: by integrating entrepreneurship into education systems, legislating to encourage
risk-taking, and national campaigns. An example of the latter is the United Kingdom's Enterprise
Week, which launched in 2004.
Outside of the political world, research has been conducted on the presence of
entrepreneurial theories in doctoral economics programs. Dan Johansson, fellow at the Ratio
Institute in Sweden, finds such content to be sparse. He fears this will dilute doctoral programs
and fail to train young economists to analyze problems in a relevant way.[9]
Many of these initiatives have been brought together under the umbrella of Global
Entrepreneurship Week, a worldwide celebration and promotion of youth entrepreneurship,
which started in 2008.
The charity The Aldridge Foundation sponsors Academies specialising in
entrepreneurship, teaching core entrepreneurial attributes to young people with the aim of
improving their life skills.[10]
Financial bootstrapping
Financial bootstrapping is a term used to cover different methods for avoiding using the financial
resources of external investors. Bootstrapping can be defined as “a collection of methods used to
minimize the amount of outside debt and equity financing needed from banks and investors”.[11]
The use of private credit card debt is the most known form of bootstrapping, but a wide variety
of methods are available for entrepreneurs. While bootstrapping involves a risk for the founders,
the absence of any other stakeholder gives the founders more freedom to develop the company.
Many successful companies including Dell Computers and Facebook were founded this way.
There are different types of bootstrapping:
• Owner financing
• Sweat equity
• Minimization of the accounts receivable
• Joint utilization
• Delaying payment
• Minimizing inventory
• Subsidy finance
• Personal Debt